Module ASB-2515:Financial Accounting 1

Module Facts

Overall aims and purpose

NOTE: If you are registered for BA/BSc Accounting and Finance, you must achieve a grade of at least 40% in this module in order to proceed to Year 3.

To provide advanced coverage of financial accounting and financial reporting, by examining the objectives and contents of selected key international accounting and financial reporting standards. The focus will be on the presentation of financial statements for publication, consolidated financial statements for groups of companies, equity accounting for associated companies, and tangible and intangible non-current and current assets. In each case current international accounting standards will be critically examined in the context of the range of accounting methods available.

Course content

Presentation of financial statements under international accounting standards;
accounting for inventory;
property, plant & equipment, including investment property;
government grants;
borrowing costs;
intangible assets;
impairment of assets;
legal requirements of group accounting and preparation of financial statements for groups;
accounting for associated companies.

Assessment Criteria

threshold

D- to D+
Basic techniques of accounting or financial statement preparation are shown but significant errors are made in accounting or in the final financial statements. Conceptual issues are covered in a superficial way with only limited additional material shown beyond the lecture content.

good

B- to B+
Techniques used in accounting and financial statement preparation are fully shown but with some errors made in the detail of the computation. Final accounts and financial statements are substantially correct, but may contain a few errors. Conceptual awareness is shown beyond the basic level with evidence of some reading and development of ideas outside lecture material, but still with some misunderstanding not of a fundamental nature.

excellent

A- to A*
Accounting and financial statement preparation shows full competence at the technical level, with correct or substantially correct accounts, disclosures and financial statements. There is demonstration of reading and thorough understanding at the conceptual level, with very few examples of misunderstanding.

C- to C+

C- to C+
A sound grasp of the techniques of accounting or financial statement preparation are shown but some errors are made in accounting or in the final financial statements. Conceptual issues are covered well, but with some misunderstanding, with use of additional material shown beyond the lecture content.

Learning outcomes

Apply a critical and analytical approach to accounting and the development of accounting and financial reporting standards.

Understand the objective, development and application of international accounting and financial reporting standards in relation to the presentation of financial statements, non-current assets, and inventory.

Prepare consolidated financial statements, including associates, in accordance with international accounting and financial reporting standards.

Understand the different types of relationships that can exist when a company invests in another company, including associates and subsidiaries, and apply the appropriate accounting methods.

Assessment Methods

Type

Name

Description

Weight

EXAM

S1 Examination 1.5hrs

60

CLASS TEST

Class Test

40

Teaching and Learning Strategy

Hours

Workshop

Computational workshops, using pre-set examples.

5

Private study

Guidance to appropriate reading, and the use of computational examples to practice accounting and financial reporting.

73

Lecture

Classroom lectures, including the use of worked examples to demonstrate accounting computations.

22

Transferable skills

Literacy - Proficiency in reading and writing through a variety of media

Numeracy - Proficiency in using numbers at appropriate levels of accuracy

Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance

Exploring - Able to investigate, research and consider alternatives

Information retrieval - Able to access different and multiple sources of information

Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others

Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.

Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting

Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others

Subject specific skills

knowledge of some of the contexts in which accounting can be seen as operating (examples of contexts include the legal, ethical, social and natural environment; the accountancy profession; the business entity; the capital markets; the public sector)

knowledge of the main current technical language and practices of accounting (for example, recognition, measurement and disclosure in financial statements; managerial accounting; auditing; taxation) in a specified socio-economic domain

knowledge of some of the alternative technical languages and practices of accounting (for example, alternative recognition rules and valuation bases, accounting rules followed in other socio-economic domains, alternative managerial accounting approaches to control and decision-making)

knowledge of contemporary theories and empirical evidence concerning accounting in at least one of its contexts (for example, accounting and capital markets; accounting and the firm; accounting and the public sector; accounting and society; accounting and sustainability) and the ability to critically evaluate such theories and evidence age

An ability to understand financial statements, and a basic appreciation of the limitations of financial reporting practices and procedures (eg financial statement analysis; the relation between cash flow accounting and accrual accounting; discretionary accounting practices).

Ability to work with people from a range of cultures.

Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.

Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.